- Investment adviser River and Mercantile Group booked an 18% fall in annual profit, as lower performance fees kept revenue flat and expenses rose.

Pre-tax profit for the year through December fell to £9.0m, as revenue remained broadly unchanged at £39.1m.

River and Mercantile boosted management and advisory fees, but revenue from performance fees fell 12%.

The company declared a first interim dividend of 6.3p per share, of which 2.0p was a special dividend related to net performance fees.

'Whilst this has been a difficult period for markets and a more muted one for the group as a result, our overall assets under management has proved comparatively resilient to negative equity market returns, as we would expect,' chief executive Mike Faulkner said.

'We are delivering close to 30% margin on our business before investments, and are choosing to invest meaningfully in growth opportunities which we see.'

'This does however have an impact on our margin when considered in total.'

'We have an active product development pipeline, which we believe can be a significant source of future growth and is therefore strategically important.'

'I continue to believe we are strongly positioned to keep growing.'

At 8:25am: [LON:RIV] River And Mercantile Group share price was 0p at 244p

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